BNP Paribas Arbitrage SA Increases Position in Fortinet, Inc. (FTNT)
BNP Paribas Arbitrage SA raised its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 11.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 494,770 shares of the software maker’s stock after buying an additional 48,921 shares during the period. BNP Paribas Arbitrage SA owned about 0.28% of Fortinet worth $17,733,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of FTNT. Voya Investment Management LLC boosted its position in Fortinet by 934.3% during the second quarter. Voya Investment Management LLC now owns 1,880,328 shares of the software maker’s stock valued at $70,399,000 after buying an additional 1,698,526 shares during the period. ETF Managers Group LLC purchased a new stake in Fortinet during the second quarter valued at about $40,680,000. BlackRock Inc. boosted its position in Fortinet by 6.6% during the second quarter. BlackRock Inc. now owns 14,047,819 shares of the software maker’s stock valued at $525,953,000 after buying an additional 870,061 shares during the period. Renaissance Technologies LLC boosted its position in Fortinet by 19.1% during the second quarter. Renaissance Technologies LLC now owns 4,521,700 shares of the software maker’s stock valued at $169,292,000 after buying an additional 726,300 shares during the period. Finally, Pictet Asset Management Ltd. boosted its position in Fortinet by 66.3% during the second quarter. Pictet Asset Management Ltd. now owns 1,486,700 shares of the software maker’s stock valued at $58,487,000 after buying an additional 592,600 shares during the period. Institutional investors and hedge funds own 69.41% of the company’s stock.
Shares of Fortinet, Inc. (NASDAQ:FTNT) traded up $0.45 during midday trading on Monday, hitting $39.94. 1,602,400 shares of the company’s stock were exchanged, compared to its average volume of 1,721,397. Fortinet, Inc. has a fifty-two week low of $28.50 and a fifty-two week high of $41.56. The company has a market capitalization of $6,945.57, a P/E ratio of 72.62, a price-to-earnings-growth ratio of 4.92 and a beta of 0.91.
Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, October 26th. The software maker reported $0.28 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.23 by $0.05. Fortinet had a net margin of 5.93% and a return on equity of 10.92%. The business had revenue of $374.20 million during the quarter, compared to the consensus estimate of $370.67 million. During the same quarter last year, the firm earned $0.18 earnings per share. The business’s revenue for the quarter was up 18.2% on a year-over-year basis. equities research analysts anticipate that Fortinet, Inc. will post 0.48 earnings per share for the current year.
Fortinet announced that its board has approved a share buyback plan on Wednesday, July 26th that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the software maker to reacquire up to 4.2% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.
Several analysts have issued reports on the stock. Cowen and Company restated a “buy” rating and set a $43.00 price target on shares of Fortinet in a research report on Friday, July 28th. ValuEngine downgraded shares of Fortinet from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. Dougherty & Co upped their price objective on shares of Fortinet from $46.00 to $48.00 and gave the company a “buy” rating in a research note on Thursday, July 27th. Robert W. Baird set a $50.00 price objective on shares of Fortinet and gave the company a “buy” rating in a research note on Thursday, July 27th. Finally, Evercore ISI set a $38.00 price objective on shares of Fortinet and gave the company a “hold” rating in a research note on Thursday, July 27th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $44.00.
In other Fortinet news, VP Michael Xie sold 3,585 shares of the firm’s stock in a transaction that occurred on Thursday, November 2nd. The shares were sold at an average price of $38.60, for a total transaction of $138,381.00. Following the completion of the transaction, the vice president now owns 6,714,500 shares of the company’s stock, valued at $259,179,700. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP John Whittle sold 3,883 shares of the firm’s stock in a transaction that occurred on Wednesday, November 8th. The shares were sold at an average price of $40.00, for a total transaction of $155,320.00. Following the transaction, the vice president now directly owns 4,681 shares of the company’s stock, valued at approximately $187,240. The disclosure for this sale can be found here. Insiders have sold 9,985 shares of company stock valued at $390,920 in the last ninety days. Insiders own 17.00% of the company’s stock.
COPYRIGHT VIOLATION WARNING: This piece of content was originally posted by Watch List News and is the property of of Watch List News. If you are viewing this piece of content on another website, it was stolen and republished in violation of international copyright and trademark laws. The correct version of this piece of content can be read at https://www.watchlistnews.com/bnp-paribas-arbitrage-sa-increases-position-in-fortinet-inc-ftnt/1700104.html.
Fortinet, Inc is a network security company. The Company provides cyber security solutions to a range of enterprises, service providers and government organizations across the world. Its network security solution consists of FortiGate physical, virtual machine and cloud platforms, which provide integrated security and networking functions to protect data, applications and users from network-and content-level security threats.
Want to see what other hedge funds are holding FTNT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fortinet, Inc. (NASDAQ:FTNT).
Receive News & Ratings for Fortinet Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortinet Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.